Whether it’s to make $1million turnover or open a new store, it’s important to set goals for your business every year. You also need to set personal goals, whether it’s to take a long holiday or to spend more time with the kids. If you create a strategy for your business around your personal and business goals it can help you get what you want out of your business and it can be a great motivator to move your business forward.
Create a schedule for your business for the whole year. Breaking it up into what you want to achieve each month will help you get back on track when you start getting lost in the details. Pinning your plans for the year on the wall is a great way to remind yourself and helps you prioritise tasks. Once you have a plan it’s easier to decide on a budget and how you will spend it. This will help you make spending decisions throughout the year and will help your cash flow remain healthy.
How did your business change last year? If your business has seen a lot of growth or you’ve made changes to business ownership, you should review your business structure. The changes to your business may mean that you are paying more tax than you need to. Contact us to find out if you can make your business more tax effective.
Assess Your Performance
Hopefully you are tracking the Key Performance Indicators in your business (if you’re not, ask us how we can help). Look back on your performance last year. Often you can see where you need to work on your business.
It’s also important to ask customers about your service. Survey your customers and find out what they like about you and what they’re not so keen on. Customers are often happy to offer some feedback and will appreciate the changes you make to improve your business.
Talk to Your Accountant
If you don’t meet with your accountant every year to discuss your goals and plans then you’re missing an opportunity. We can advise you on how you can achieve those goals and help you through any changes you need to make to your business. Your accountant can often save you from paying too much tax or making costly mistakes. Contact us if you would like help.
The information in this document reflects our understanding of existing legislation, proposed legislation, rulings etc as at the date of issue. In some cases the information has been provided to us by third parties. While it is believed the information is accurate and reliable, this is not guaranteed in any way. Any advice in this publication is of a general nature only and has not been tailored to your personal circumstances. Please seek personal advice prior to acting on this information.